Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1887-12-08
HIS ANNUAL MRy}S}A!G|?EI|
Full Text of Cleveland's Short
Document to Congress.

The Present Tariff Laws De,
,nounced as Inequitable+
A Reduction OF the Tariff Urge.-
: as a Necessity.
WASHINGTON, Dec. 7-The president
Ihasssent the following message to con-
gress:
Tothe Congress of the United States:
You are confronted at the threshold of
your legislativetduties with q condition
ofnational finances which imperatively
demands immediate and careful consider
alton. The amount of money annually
exaoted through the operation of the
present laws, from the Industries of the
people, largely exceeds the sum necessary
.tolmeet the expenses of the government.
When we consider that the theory 'of
our institutions guarantees to every cIti-
zensthe full enjoyment Of all the fruits of
his industry and enterprise, with only
such deduction as may be his share to-
wards the maintenance of the govern
ment which protects him, it is plain that
the exactionsof more than this is indie
fensible extartion and culpable betrayal
of American fairness and justice. This
wrong reflected on those who bear the
burden of national taxation, like other
wrongs, nultiplies a brood of
evil consequences. The public treas
ury. which should only exist as a
conduit conveying the peoples tribute to
itslegitimate objects Of expenditure, be
comes a boarding place for money need
lessly withdrawn from trade and the peo-
ple's use, tthus Gripping our national
energies, ss1spending our country's de
valgpment, preventing ginvestment in pro-
disturbance and inviting: schemes of pub
hc plunder.
This condition of GUT :treasury is not: al
together new, and it has more than once
of late been submitted to the peoples re-
personalities in the congress, who alone
can apply a,remedy- And yet the situa-
tioa still continues with aggravated ilci-
dents more Ghan ever
PKeaaxing Financial Convulsion and SNids-
Spread Disaster.
ItwsM not do to neglect this situation
because it's dangers aresnot now plainly
imminent and apparent. They exist none
the less certainly, and await tho unfore-
seen and unexpected occasion when sud
denly they will precipitate upon us.
On the 3Ofal day Of June, 1885, the ex-
cess of revenle over public expenditures
after complying with the annual require
ment Of the sinking fund act, was $17,-
829, 735. "a; during the year ending june
30, 1886, such excess amounted to $49,-
4O5, ,545.2O; and during the year ending
June 80, 1887, it reached the sum of $685.
567, ,849. 54.
The annuM contributions no the sink
ing fund during the three years above
specified, amounting in the aggregate to
$13S, ,05S1 1390N, and deducted from the
surplus as stated, were made Fry calling
in for that purpose outstanding per
cent bonds aM the government During
the six months prior to June &c, 1887, the
surplus revenue had grown SO large by
repeated accumulations, and it was
feared the withdrawal of this great sum
of money needed by the people would so
affect the business of the country that
the sum of $780, 1854, 100 of such surplus
was applied to the payment Of the princi
pal and interest," of the 3 per
cent. bonds still outstanding, and
which were then available at the
option of the government The
precarious condition of financial affairs
among the people stM needing relief, inn
mediately after the Goth day of June,
1887, the remainder of the 3 per cent.
bonds then outstanding amounting with
principal and interest to the sum of $1S,-
81, 500, were called in and applied to the
sinking fund contribution for the current
fiscal year Notwithstanding these Op-
eratians of the treasury department rep
reservations of the distress in business
circles not only continued but increased,
and absolute peril seemed at hand. In
these circumstances the contribution to
the sinking fund for the cur
rent fiscal year was at once
completed by the expenditure of ~, ,6S4,-
283. IS in the purchase of government
bonds not yet due bearing and A per
cent interest, the premium paid thereon
averaging about "a per cent. for the
former and 8 per cent. for the latter. In
addition to this the interest accruing dur
ing the current year upon the outstand-
ing bonded Indebtedness of the govern
mept was to some extent anticipated,
and banks selected as repositories of
public money were permitted to some
what increase their deposits.
While the expedients thus employed to
release to the people the ~.
Money Lying Idle in the Treasury
served to avert immediate danger, our rev.
enue have continued to accumulate,
the excess for the present year amounting
on the first day Of December to $50, $685.,
sO1. .10. and estimated to reach the SUM
Of $l13, 900, 900 on the Both Of June next,
at which date it is expected that this
sum, added to prior accumulations, will
swell the surplus in the treasury to $l4O,-
600, 900.
There seems to be no assurance that,
with such withdrawal from use of the
peoples circulating medium, our busi-
ness community may not in the near
future be subjected to the same distress
which was quite lately produced from
the same cause, and while the functions
Of our national treasury should be few
and simple, and while its best condition
would be reached, believe, by its entire
disconnection with private business in
terests, yet when, by perversion Of its
purposes, it idly holds money uselessly
subtracted from the channels of trade,
there seems to be reason for the claim
no,,,o 1oor;f;r,,ofo p,opuc cho1,l1 ho